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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyota Motor Corporation    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Ford says automakers should consider backing California emissions deal

11/30/2020 | 04:59pm EST
FILE PHOTO: The corporate logo of Ford is seen at Brussels Motor Show

WASHINGTON (Reuters) - Ford Motor Co is urging major automakers to consider backing a framework deal with California on vehicle emissions in a bid to reach industry consensus before President-elect Joe Biden takes office, according to a letter seen by Reuters on Monday.

Major automakers are set to discuss next steps at a virtual meeting of their auto trade association Tuesday, which comes a week after General Motors Co abruptly announced it would no longer back the Trump administration's ongoing effort to bar California from setting its own vehicle emissions rules.

In October 2019, GM joined Toyota Motor Corp, Fiat Chrysler Automobiles NV and other automakers in backing President Donald Trump in the California fight.

Ford, Honda Motor Co, Volkswagen AG and BMW in July 2019 struck a voluntary agreement with California on reducing vehicle emissions through the 2026 model years that would allow them to meet a single nationwide standard. The targets would be lower than Obama-era rules through but higher than the Trump administration's rollback.

In a previously unreported letter, Ford Americas President Kumar Galhotra on Wednesday said with Biden's win, the fight over Trump's effort to preempt California on vehicle emissions "is now, at least for the next set of years, essentially moot. The more relevant issue is thus the question of the standards."

Galhotra urged automakers "to actively consider embracing the California framework."

He added: "The Biden Administration will not let the Trump standards stand, and either by way of litigation and/or a regulatory reboot, the new team will move in a different, more stringent direction."

A Ford spokeswoman declined comment on the letter but said the California agreement "should be the foundation for new regulations as the Biden administration considers stronger fuel economy standards in 2021."

California Air Resources Board Chair Mary Nichols told Reuters this month the state's emissions agreement with automakers could serve as a "good template" for federal standards.

Senator Tom Carper, the top Democrat on the Environment and Public Works Committee, said "the rest of the automakers should end their challenges to state authority and embrace the California framework as the first step in setting standards that get us to where we need to be."

GM, Fiat Chrysler and Toyota declined comment on Ford's letter. Toyota said last week of the lawsuit that "given the changing circumstances, we are assessing the situation."

By David Shepardson


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -0.04% 71.25 Delayed Quote.-1.32%
FIAT CHRYSLER AUTOMOBILES N.V. -2.98% 13.24 Delayed Quote.-6.92%
FORD MOTOR COMPANY -0.09% 11.52 Delayed Quote.31.17%
GENERAL MOTORS COMPANY 0.58% 55.4 Delayed Quote.32.28%
HONDA MOTOR CO., LTD. -1.40% 2851.5 End-of-day quote.-0.90%
TOYOTA INDUSTRIES CORPORATION 0.47% 8540 End-of-day quote.4.27%
TOYOTA MOTOR CORPORATION -1.08% 7660 End-of-day quote.-3.73%
VOLKSWAGEN AG 1.88% 165.08 Delayed Quote.6.31%
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Financials
Sales 2021 26 040 B 251 B 251 B
Net income 2021 1 523 B 14 677 M 14 677 M
Net Debt 2021 15 002 B 145 B 145 B
P/E ratio 2021 14,3x
Yield 2021 2,92%
Capitalization 21 417 B 206 B 206 B
EV / Sales 2021 1,40x
EV / Sales 2022 1,26x
Nbr of Employees 359 542
Free-Float 62,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8 122,22 JPY
Last Close Price 7 660,00 JPY
Spread / Highest target 25,3%
Spread / Average Target 6,03%
Spread / Lowest Target -26,9%
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Managers and Directors
NameTitle
Akio Toyoda President, CEO & Representative Director
Takeshi Uchiyamada Chairman
Kenta Kon Chief Financial Officer
Seiji Sakai Manager-Information Systems & IT Management
Masahito Maeda Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
TOYOTA MOTOR CORPORATION-3.73%209 114
VOLKSWAGEN AG6.31%103 225
GENERAL MOTORS COMPANY32.28%78 836
DAIMLER AG2.16%76 710
BMW AG-1.32%55 895
HYUNDAI MOTOR COMPANY33.85%50 693